Investors' Protection in Corporate Domain: Project On

Page |i --- Project
on---
Investors Protection in Corporate domain
Submitted by--Faculty of Law University of Allahabad Abhijeet Dwivedi
Role of Judiciary in changing times by Anuj Agarwal
P a g e | ii
Roll No. - 01 Enrollment No. U0620037 B.A.LL.B. (Hons), VIII Semester
Preface
Any state is recognized by t In this project I have tried to analysis the structure of financial market, regulatory framework, kinds of investment and a separate chapter dealing with investors protection. I have tried to provide the up to date information and have thoroughly gone through all the literature which I can get and prepared this project. I have gone through all the laws, rules, regulations, notifications and guidelines on the matters related to investors protection.
Acknowledgement
There is a famous English quote To remember is to forget, however I seek this opportunity to express my gratitude to the people who have been key to this project. First and foremost, I would like to thank Mrs. Uma Tripathi, project teacher to provide her knowledgeable direction to complete the project. She provided me full support in this. Her timely instructions and easy to mingle behavior has played a huge role in this.
P a g e | iii I will also take this opportunity to thank Prof. B.P.Singh, Coordinator, B.A.LL.B(Hons) who accepted my topic and allowed me to work on my area of interest. I am thankful for his able guidance and always ready to help approach. I also wish to thank Sanjay Khanduja Sir, Chartered Accountant who gave me his valuable time to suggest me the appropriate topic as a lawyer to work in the interdisciplinary field of law, finance and securitization. I will be always thankful to him for this. He has been a source of inspiration for me and has played a major role in my academic career as and when required. I am thankful to the Librarians of Ratan Tata Library, University of Delhi to give me access to avail their library. I wonot miss to thank my family especially my elder brother Sumeet Dwivedi and my sister Nimisha Tripathi without whom it could have never been completed.
Abhijeet Dwivedi Dated - 29/6/2010 B.A.LL.B.(HONS) VIII Semester Faculty of Law
Content
Cover pagei Preface..ii Acknowledgment...v Content.vi Abbreviationsviii List of Statutes/regulations/guidelines...ix Table of cases.xi
P a g e | iv
Introduction.1-10
Financial market2 Regulatory framework7
Instruments of Investment..11-32
Money Market12 Capital Market17 Capital Market Intermediaries24 Mutual Funds.28 Venture Capital..30 Collective Investment Scheme...31
Investors Protection: Framework.33-54

Who regulate which type of entity.35 Rights of Investors.37 Common Grievances of Investors..38 Redressal of Investor Grievances...39 Legal Framework for Investor Protection in India.41 Unique Identification Number....49 IEPF....49 Ombudsman....51 Investors education52
Suggestions54-62
Suggestions for Better Investors Protection57 Conclusion61 Bibliography.63
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Abbreviations
SEBI IEPF ICDR AIR SC Comp CAS Securities and Exchange Board of India Investor Education and Protection Fund Issue of Capital and Disclosure Requirement All India Reporter Supreme Court Company Cases
P a g e | vi V. Corpt. SCRA DEA RBI T-Bill CRR LIC UTI FCD NCD PCD IRDA Versus Corporation Securities Contract (Regulation) Act Department of Economic Affairs Reserve Bank of India Treasury Bill Cash Reserve Ratio Life Insurance Corporation Unit Trust of India Fully Convertible Debenture Non Convertible Debenture Partly Convertible Debenture Insurance Regulatory & Development Authority
List of Statutes/ Regulations/ Guidelines

1. 2. 3.
SEBI Act, 1992 Companies Act, 1956, Securities Contract (Regulation) Act,1956 Depositories Act,1996 SEBI Notification SO(953)E dated 21.8.2003 SEBI (Ombudsman) Regulations, 2003. SEBI (Central Database of Market Participants) Regulations, 2003
4. 5. 6. 7.
P a g e | vii 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21.
22.
SEBI (Prohibition of fraudulent and unfair practices relating SEBI (Prohibition of Fraudulent and Unfair Trade Practices Companies ( Acceptance of Deposit)Rules, 1975 SEBI (Collective Investment Scheme) Regulations, 1999 SEBI (Venture Capital Funds) Regulations, 1996 SEBI (Mutual Funds) Regulations, 1996 SEBI vide Circular No. MRD/DoP/SE/DEp/Cir-14/2007 Securities Contracts (Regulation) (Procedure for Holding Inquiry Securities contracts (Regulation) (Appeals to Securities Appellate Securities Contracts (Regulation) Rules, 1957 SEBI (Bankers to an Issue) Regulations, 1994 SEBI (Underwriters) Regulations, 1993 SEBI (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 SEBI (Merchant Banker) Rules, 1992 SEBI (Merchant Bankers) Regulation,1992. Companies (Issue of Share Capital with Differential Voting Rights) SEBI vide Circular No. MFD/C1R1/1/189/2000 SEBI( Issue of Capital and Disclosure Requirements) Regulations,2009
to securities markets) Regulations, 1995 relating to Securities Market) Regulations, 2003
dated December 20, 2007 and Imposing Penalties by Adjudicating Officers) Rules, 2005 Tribunal) Rules, 2000
23. 24. 25.
Rules, 2001 vide GSR No. 167(E) dated 9th of March, 2001
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Table of Cases
1. Bacha F. Guzdar v. CIT (AIR 1955 SC 74)....43 2. CIT v. Standard Vacuum Oil Co. (AIR 1966 SC 1393).....43
3. Harinagar Sugar Mills v. Shyam Sunder Jhunjhunwala (AIR 1961 SC 1669)...........44

4. Harison and Crossfield (India) Ltd.v. ROC
[(1980) 50 Comp Cas 346 Cal]....45
P a g e | ix 5. Indian Chemicals Products Ltd. V. State of Orrisa AIR 1967 SC 253....44

6. K. Madhava v. Popular Bank [(1969)39 Comp cases 717]..44 7. New Brunswick and Canada Rly and Land Com v. Muggeridge1
(1860) 3 LT 65144 8. Pragma Desai v. National Stock Exchange of India [(2006) 132 Comp Cas 909]..50
9. V.B.Rangraj v. V.B. Gopalalkrishna ( AIR 1992 SC 45))...44 10. Vijay Kumar Gupta v. Eagle Paints & Pigment Industries (P) Ltd.
(1997) 26 Corpt LA 236 CLB ..41
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Chapter 1
Introduction
This chapter provides a brief overview of the financial markets and regulatory framework for the investors protection. Mayya has observed that investors are a heterogeneous
Page |2 group, that may be large or small, rich or poor, expert or layman and not all the investors need equal degree of protection. An investor has three objectives while investing his money, namely safety of investment money, liquidity position of invested money and return on investment. The government is trying hard to achieve enough transferability, openness and honesty in the market but it ahs almost failed in achieving most of its objective in this field. In this chapter, I have tried to present an overview of the structure of financial system and regulatory mechanism. 1)
Financial System
Every modern economy is based on a sound financial system which helps in production, capital and economic growth by encouraging saving habits, mobilizing savings from households and other segments and allocating savings into productive usage such as trade, commerce and manufacture etc. Financial systems cover both credit and cash transactions. All financial transactions are dealt with by cash payment or by way of negotiable instruments like cheque, bills of exchange, hundies etc. Thus a financial system is a set of financial instruments through which financial surpluses are mobilized from the units generating surplus income and transferring them to others in need of them. The functions of a good financial system are manifold. They are-: (a) Regulation of currency. (b) Banking functions (c) Performance of agency services and custody of cash reserves. (d) Management of national reserves of international currency.
Page |3 (e) Credit control (f) Administering national, fiscal and monetary policy to ensure stability of the economy. (g) Supply and deployment of funds for productive use. (h) Maintaining liquidity. Organisational structure of Financial System: Broadly, organisational structure of financial system includes various components i.e., Financial Markets, Product and market participants. Financial Markets Efficient transfer of resources from those having idle resources to others who have a pressing need for them id achieved through financial markets. Stated formally, financial markets provide channels for allocation of savings to investment. These provide variety of assets to savers as well as various forms in which the investors can raise funds and thereby decouple the acts of saving and investments. The financial markets have two major components; the money market and the capital market. Money market The money market refers to the markets where borrowers and lenders exchange short term funds to solve their liquidity needs. These instruments are generally financial claims that have low default risk, maturities under one year and high marketability. Capital market The capital market is a market for financial investment that are direct or indirect claims to capital (Gart, 1988). It is wider than the securities market and embraces all forms of
Page |4 lending and borrowing, whether or not evidenced by the creation of a negotiable financial instrument (Darke, 1980). The capital market and in particular the stock exchange is referred to as the barometer of the economy. Governments policy is so molded that the creation of wealth through products and services is facilitated and surpluses and profits are channelised into productive uses through capital market operations. Securities Market The securities market, however, refers to the markets for those financial instruments/claims/obligations that are commonly and readily transferable by sale. The Securities Market has two inter-dependent and inseparable segments, the new issues (primary) market and the stock (secondary) market. Primary Market The primary market provides the channel for sale of new securities while the secondary market deals in securities previously issued. The issuer of securities sells the securities in the primary market to raise funds for investment and/or to discharge some obligations. In other words, the market wherein the resources are mobilized by companies by issue of new securities is called the primary market. These resources are required for new project as well as for existing projects with a view to expansion, modernization, diversifications and upgradation. The issue of securities by companies can take place in any of the following methods: (1) Initial public offer (securities issued for the first time to the public by the company);
Page |5 (2) Further issue of capital. (3) Rights issue to the existing shareholders (on their renunciation, the shares can be sold by the company to others) (4) Offer of securities under reservation/ firm allotment basis to: (a) foreign partners and collaborators, (b) mutual funds (c) merchant bankers (d) banks and institutions (e) Employees. (5) Offer to public; (6) Bonus Issue. The primary market is of great significance to the economy of a country. It is through this only that funds flow for productive purposes from investors to entrepreneurs. Secondary Market The secondary market enables those who hold securities to adjust their holdings in response to changes in their assessment of risk and return. They also sell their securities for cash to meet their liquidity needs. Secondary market essentially comprises of stock exchanges which provide platform for purchase and sale of securities by investors. The trading platforms of the stock exchange are accessible only through brokers and trading of securities is confined only to stock exchanges. The stock exchanges are the exclusive centers for the trading in securities and that too only through brokers. The regulatory framework heavily favors the recognized stock
Page |6 exchanges by banning almost all trading activities outside the stock exchanges. The stock market or the secondary market ensures free marketability, negotiability and price exchange. For these reasons stock markets are referred to as the nerve of the capital market. Product and Market Participants Savings are linked to investment by a variety of intermediaries through a range of complex financial products called securities which is defined in the Securities Contracts (Regulation) Act, 1956 to include shares, scrips, stocks, bonds, debentures stock or other marketable entities etc. There are a set of economic units who demand securities in lieu of funds and others who supply securities for funds. These demands and supplies make the competitive market conditions. It is not that the suppliers of funds and suppliers of securities meet each other and exchange fund for securities. It is difficult to accomplish such double coincidence of wants. The amount of funds supplied by the supplier of the funds is not the amount needed by the supplier of securities. Similarly the risk, maturity and liquidity characteristics of securities may not match the preference of the supplier of funds. In such they incur a lot of cost in searching the appropriate option for each other. Search cost is minimized by intermediaries who match and bring these suppliers together. They may act as an agent to match the needs of the suppliers of funds and in turn sell their own securities to supplier of funds. The securities market, thus, have essentially three categories of participants, namely the issuer of securities, investors in securities and the intermediaries. Those who receive funds in exchange of securities and those who receive securities in exchange of
Page |7 funds often needs the reassurance that what they are doing is safe to do. This reassurance is provided by the law and the custom, often enforced by the regulator. The regulators develop fair market practices and regulate the conduct of issuer of securities and intermediaries so as to protect the interests of investors in securities. The regulator insures high standards of service from intermediaries and supply of quality securities and non manipulated demand for them in market.
(2) Regulatory Framework

The four main legislations governing the securities market are : (a) the SEBI Act, 1992 which establishes SEBI to protect investors and develop and regulate securities market; (b) the Companies Act, 1956, which sets out the code of conduct for the corporate sector in relation to issue, allotment and transfer of securities and disclosures to be made in public issues; (c) the Securities Contract (Regulation) Act,1956 which provides for regulation of transactions in securities through control over stock exchanges; and (d) the Depositories Act,1996 which provides for electronic maintenance and transfer of ownership of DEMAT securities.
Legislations SEBI Act, 1992: The SEBI Act, 1992 establishes SEBI with statutory powers for (a)
protecting the interests of investors in securities, (b) promoting the development of the securities market, and (c) regulating the securities market. Its regulatory jurisdiction extends over corporate in the issuance of capital and transfer of securities in addition to all intermediaries and persons associated with securities market. It can conduct enquiries, audit and inspection of all concerned and adjudicate offences provided under the Act. It has the power to register and regulate all market intermediaries in the market and also to
Page |8 penalize them in case of violation of rules; regulations and guidelines issued under the powers under the Act. SEBI has full autonomy and authority to regulate and evolve an orderly securities market. Securities Contract (Regulation) Act, 1956: It provides for direct and indirect control of virtually all aspects of securities trading and the running of stock exchanges and aims to prevent undesirable transactions in securities. It gives Central Government/ SEBI regulatory jurisdiction over (a) stock exchange through a process of recognition and continued supervision (b) contracts in securities and (c) listing of securities in the stock exchanges. As a condition of recognition, a Stock exchange follows the conditions and procedure prescribed by the Central Government. Organised trading activities in the securities take place on a specified recognized stock exchange. Depositories Act, 1996: The Act provides for the establishment of depositories in securities with the objective of ensuring free transferability of securities with speed, accuracy and security by (a) making securities of public limited companies freely transferable subject to certain exception (b) dematerilaisng the securities in the depository mode and (c) providing for maintenance of ownership records in a book entry form. Companies Act, 1956: It deals with the issue, allotment and transfer of securities and various aspects relating to company management. It provides for disclosure in public issues of capital, particularly in the fields of company managements and projects, information about the other listed companies under the same management and management perception of risk factors
Rules and Regulations
Page |9 The government has framed under the SCRA, SEBI Act and the Depositories Act. SEBI has framed regulations under the SEBI Act and the Depositories Act for registration and regulations of all market intermediaries, and for the prevention of unfair trade practices, inside trading etc. Under these Acts, Government and SEBI issues notifications, guidelines and circulars which need to be complied with by market participants. Regulators The responsibility of regulating securities market is shared by the Department of Economic Affairs (DEA), Ministry of Corporate Affairs, RBI and SEBI. The activities of these agencies are regulated by a High Level Committee on Capital Markets. The order of SEBI under the securities law is appellable before a Securities Appellate Tribunal. The second chapter of this project Instruments of investment deals with the salient features of the important and prominent instruments of investment and the code of conduct to be observed in this regard. This chapter deals with the instrument of both the capital market and money market. I have tried to give a brief overview of the entire structure however due to limitation in regard to page limit; I have tried to keep it as short as possible. The third chapter Investors Protection specifically concentrates on the topic. In this chapter, I have dealt with all the kinds of authorities and also provided a list of the authorities dealing with specific instruments. I have provided a brief sketch of the rights which investors have under various acts and also provided an overview of the ombudsman and the IEPF etc.
P a g e | 10 The final chapter Suggestions deals with report of some of the committees on Investor Protection and provides suggestions for the better working of investor protection mechanism. In the end I have given some suggestions to change the position in regard to the world of investor and to provide him a good sleep without the tension of his money/ funds being swallowed by the fraudulent players of the market. I have tried to keep it English and do not make it look like Greek.
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Chapter 2
CONSTITUTIONAL PROVISIONS RELATING TO JUDICIARY
A notable feature of the Constitution is that it accords a dignified and crucial position to the judiciary. The Supreme Court, High Courts and the lower Courts constitute a single, unified, judiciary having jurisdiction over all cases arising under any law whether enacted by Parliament or State Legislatures. The appointment of Judges of the Supreme Court and their removal are governed by Article 124 of the Constitution of India. Articles 125 to 129 provide for certain incidental matters. The appointment and removal of the Judges of the High Courts are governed by Article 217. Articles 218 to 221 and 223 to 224A provide for certain matters incidental thereto. Article 222 provides for transfer of Judges from one High Court to another.
P a g e | 12 So far as the subordinate judiciary is concerned, the constitutional provisions relating thereto are contained in Articles 233 to 237. These provisions are, of course, supplemented by the rules made by the respective Governors of the States under the proviso to Article 309 of the Constitution.
Jurisdiction of the Supreme Court

Supreme Court of India enjoys the topmost position in the judicial hierarchy of the country. It is the ultimate court of appeal in all civil and criminal matters and the final interpreter of the law of the land and thus helps in maintaining a uniformity of law throughout the country. The present strength of the Supreme Court consists of one Chief Justice and twenty seven other judges. The jurisdiction of the Supreme Court and the High Courts is truly extensive. The Supreme Court is clothed with the power to issue writs for enforcement of Fundamental Rights mentioned in Part III of the Constitution (Article 32). It also acts as the appellate court in civil, revenue, taxation and many other matters over the High Courts and other Tribunals. The powers of the Supreme Court are set out in Articles 131 to 140. The law declared by the Supreme Court is binding on all courts within the territory of India (Article 141) and it is the duty of every person and authority in the country to act in aid of and render necessary assistance for the enforcement of the orders of the Supreme Court (Article 144). The President has the power to seek the opinion of the Supreme Court on such questions of public importance as he thinks necessary (Article 143). Articles 131 to 135 encompass the various jurisdictional aspects undertaken by the Supreme Court. Article 136 speaks about the distinctive power of the apex court to
P a g e | 13 grant special leave. By this a person can appeal to the Supreme Court only with its consent or permission. Some of the distinguishing features of this rule are: i. ii. It is not confined to judgments, decrees, or final orders of the High Court. It shall lie from orders or determinations of all courts or tribunals of all courts or tribunals in the territory of India. iii. Since there is no condition that the previous order should be final, appeals against interlocutory orders are permissible. iv. The order or determination of the court or tribunal may be in any cause or matter.
It confers a wide discretion to the Court to entertain appeals in suitable cases not otherwise provided for by the Constitution-civil, criminal, income tax cases or cases from any kinds or tribunals existing within our country. According to Article 141 it is said that the law declared by the Supreme Court shall be binding on all the courts within the territory of India. It implies the law creating role of the Supreme Court. Thus all the courts lower in the hierarchy are bound to follow the earlier laid down decisions.1 While the Supreme Court is not bound by its own decisions and may overrule its previous decisions.2 It can be done either by expressly saying or impliedly by not following them in the subsequent case. However the Supreme Court can review its own decisions even though the decision has held the field for a considerably long time, if it is satisfied of its error or the baneful effect which a decision would have on the general interests of the public or if it is inconsistent with the legal philosophy of our constitution.3 And if there is an apparent conflict between the decisions of the Supreme Court, the opinion expressed by the larger benches must be followed in
1 2
T.K.N Rajagopal v. T.M.Karunanidhi, (1972) 4 SCC 267 State of W.B v. Corporation of Calcutta, AIR 1967 SC 997 3 Shambu Nath Sarkar v. State of W.B , (1973) 1 SCC 856
P a g e | 14 preference to those of smaller benches unless the former can be distinguished by giving reasons.4 The only thing that is binding in a judges decision is the principle upon which the case is decided or the ratio decidendi of the case. But decisions per in curium or sub silentio does not have binding effect or presidential value.
Overruling of cases: The general rule is that the overruling of an earlier decision is retrospective except as regards matters that are res judicata or accounts that have been settled in the meantime. In the case of Golak Nath v. State of Punjab,5 Supreme Court established the rule of Prospective overruling, whereby the overruling decision shall not effect the intermediate transactions made on the basis of the overruled decision or even the parties in the instant case, but shall apply only to cases that arise in the future. The conditions under which the doctrine can apply are: i. ii. iii. It can be invoked only in the matters arising under the Constitution. It can be applied only in the highest Court of the Country. The scope of the law is left to the discretion of the Court mould in accordance with the justice of the cause or matter before it. The kinds of jurisdiction exercised by the Supreme Court are:
Original Jurisdiction:
Jurisdiction enshrined in the Article 131 is both exclusive and original. A court has original jurisdiction when it has authority to hear and determine a case in the first instance. By exercising the exclusive jurisdiction the Court can hear and determine a case
4 5
Union of India v. K.S.Subramanium , (1976) 3 SCC 677 AIR 1967 SC 1643
P a g e | 15 which cannot be heard or determine by another Court. This jurisdiction can be exercised in any dispute: i. ii. Between the Government of India and one or more States; or Between the Government of India and any State or States on one side and one or more States on the other side. iii. Between two or more States.
Since our is a quasi-federal system of government, we have the central and state governments which has separate powers as stipulated in the Constitution. Supreme Court is the highest Court for deciding the disputes arising between the governments this acts as the most appropriate judicial forum. But the article imposes two limitations on this power: i. Parties ii. Subject-matter i. Parties:
Supreme Court through its original jurisdiction cannot entertain suits brought by private individuals against the Government of India. In such cases the matter must go in first instance to the local courts and from there through appeal (provided it fulfills the requirement of law) only can the matter reach the Supreme Court. For this the definition to State, as given under Article 12 seeks importance. In State of Bihar v. Union of India,
6
Hindustan Steels Ltd, a registered company under the Indian
Companies Act and State of Bihar were in dispute. Court held that the Company cannot be regarded as State for the purpose of Article 131.
(1970)1 SCC 67
P a g e | 16 The case of union of India v. State of Rajasthan7, a suit was filed by the State government for compensation against the railways. Court held that the suit cannot be filed under Article 131 as they do not involve any question with respect to the rights of the State or the Union, but only to the rights and claims relating to ordinary business or commercial transaction which are similar to the transaction between private individuals. Article 131 provides a forum for the dissolution of disputes which must involve a question (of fact/law) on which a legal right is based and not a mere political issue. In State of Karnataka v. Union of India,8 the central government had appointed a commission of inquiry against the Chief Minister of Karnataka. State filed a suit in the Supreme Court for the declaration that the appointment of the commission was illegal and ultra-vires on the grounds that (1) Commission of Inquiry Act, 1952 does not authorize the central government to constitute such a commission in regard to matters falling exclusively within the sphere of the legislative and executive powers of the State. (2) Even if the provisions of the Act do so empower they are ultra-vires for the contravention of the terms of the Constitution as well as the federal structure, i.e. the inviolable and basic feature of the Constitution. (3)Section 3(1)(b) of the Act prohibits the central government from appointing another commission to enquire into the same matter, as the commission appointed by the State government is functioning. The Defendant contended that since the enquiry was made against the Chief Minister and certain other ministers as individuals and not against the State of Karnataka and so not maintainable.
7 8
(1984)4 SCC 238 (1977) 4 SCC 608
P a g e | 17 Supreme Court looked into the nature, scope and applicability of Article 131. Question was whether a legal right of the State was involved when the central government appointed a commission of inquiry on charges of corruption against the Chief Minister and other ministers of the State. Court held that the case was maintainable as in their view the fact that the State acts through its ministers or officials does not affect the maintainability of the suit. There is nothing in the Article itself to debar the State which must always necessarily act through its officials or agents or ministers from suing the center not only to protect the officers or ministers from being proceeded against in any way by the central government but prefer its own claim to exclusive power to deal with him.
ii.
Subject-matter:
The claim made by the party if dependent not on law but on non-legal considerations, the court has no jurisdiction under Article 131. A legal right means a right recognized by law and capable of being enforced by the power of State. In Rajasthan dissolution case9, in the 1977 elections the Janatha Party had secured an overwhelming majority in the Lok Sabha, but in some States Congress(R) continued to be in power. The Union Minister addressed a letter to the nine State of Bihar, U.P, H.P, Orissa, Punjab, W.B, and Rajasthan asking their respective governors to dissolve the assemblies and seek a fresh mandate for their people. Then the States came before the Supreme Court for a declaration that the letter was illegal and ultravires the Constitution and thereby prayed for an interim order of injunction preventing the Central Government from resorting to Article 356 of the constitution (Emergency Provisions Provisions in case of failure of
9
State of Rajasthan v. Union of India, (1977)3 SCC 592
P a g e | 18 Constitutional machinery in States). The defendants raised two important contentions: 1) Under Article 131 what is mentioned is the State and so the State government should not be the party 2) that the present matter didnt involve a legal dispute. Court held that the suit was maintainable under the Constitution due to the unconstitutional exercise of the power by the President under Article 356 affecting adversely the rights of the members of the legislative assembly and the constitutional rights of the States to insist that their constitutional status shall not be violated by unconstitutional assault under Article 356. In a much more recent decision of State of Karnataka v. State of A.P10 , an agreement existed between the riparian States for setting the disputes concerning the share of water of the River Thungabhadra in 1944. But the court held that a suit under this article is maintainable if one of the parties refuses to honor the decisions of the InterState Water Dispute Tribunal. Constitution excludes certain matters from the exclusive jurisdiction of the Supreme Court under this article. I. Proviso to this section says that the jurisdiction shall not extend to a dispute raising out of any treaty, agreement, covenant, engagement, sanad or other similar instrument which having being entered into or executed before the commencement of this constitution continues in operation after such commencement or which provides that the said jurisdiction shall not extend to such a dispute. II. Parliament empowered under Article 262 can exclude the jurisdiction of the Supreme Court in disputes between the States regarding the use, distribution or control of waters of any inter-state river or river valley.
10
(2000) 9 SCC 572
P a g e | 19 III. As per article 280 certain matters are referred to the Finance Commission. IV. Under article 290 adjustment of certain expense between the Union and the States is possible.
Appellate Jurisdiction:
Article 132 deals with questions involving interpretation of the Constitution, arising out of any proceeding (civil or criminal) in a High Court. The basic idea behind such a provision is that on questions involving constitutional interpretation Supreme Court should have the final say and that divergent interpretations by different High Courts would not be desirable. Thus where a certificate is given by the High Court that the case involves a substantial question of law, as to interpretation of the Constitution an appeal would lie to the Supreme Court. Three conditions need to be satisfied here: i. ii. Order appealed should be a decree or a final order made by the High Court. The case should involve a substantial question of law as to the interpretation of the Constitution. iii. It should be a substantial question of law.
In T.M Krishna Swami Pillai v. Governor-General-in-council,11 it was said that the word substantial means a question regarding which there is a difference of opinion. Article 133 deals with the appellate jurisdiction in civil matters. The jurisdiction can be exercised only:
11
AIR 1947 SC 37
P a g e | 20 i. If it involves a substantial question of law of general importance and in the opinion of the High Court the question needs to be addressed by the Supreme Court. ii. iii. It must be a judgment, decree or final order of the High Court. It should be given in a civil proceeding. Before the Amendment of 1973 an appeal could lie to the Supreme Court on a certificate given by the High Court that the amount or the value of the subject matter of the dispute was not less than Rs. 20,000 or that the judgment directly or indirectly involves question respecting the property of the like amount. It has been amended because an important question can arise even in suits of small value. Such orders of the High Court are appeallable which finally determine the rights or liabilities of the parties in dispute and the order becomes final if it is a final decision in that particular civil proceeding. Civil proceeding is one in which a person seeks to enforce by appropriate relief the alleged infringement of his civil rights against another person or the State and which if the claim is proved would result in the declaration express or implied of the right claimed and the relief. The proper test for determining whether a question of law raised in a case is substantial is whether it is of general public importance or whether it directly or substantially affects the rights of the parties. There have been very many instances where the certificate issued by the High Court has been revoked by the Supreme Court. Article 134 speaks about the appellate jurisdiction in criminal matters which can be exercised:
P a g e | 21 i. If on appeal the High Court had reversed an order of acquittal of an accused person and sentenced him to death; or ii. If High Court has withdrawn for trial before itself any case from any court subordinate to its authority and has in such trial convicted the person and sentenced him to death. iii. If under Article 134A it is certified by the High Court that the case is fit for appeal to the Supreme Court. Thus the first and the second deal with an appeal without a certificate, while the third with a certificate from the High Court (under Article 134A).If a case does not involve any question of law then however difficult the question of fact may be that would not justify the granting of certificate under Article 134(1)(c) . Though it is the sole discretion of the High Court it should be exercised properly as the discretion is a judicial one. Thus in one sense the power granted by Article 134(1) is limited to some extent. But that limitation is overcome by the clause (2) of the same Article, which empowers the Parliament to enlarge the appellate jurisdiction of the Supreme Court in regard to criminal matters through enactment of legislations. Eg: Supreme Court (Enlargement of Criminal Appellate Jurisdiction) Act, 1970. Article 138 of the Constitution which speaks regarding the enlargement of the jurisdiction of the Supreme Court, empower the Parliament to invest the Supreme Court with additional jurisdiction with respect to enforcement of any of the matters enumerated on the Union List. i.e. if the Union Legislature is competent to legislate on a certain matter, it is obviously competent to confer judicial power in respect of that matter on a tribunal of its choice ; and if it chooses the Supreme Court for that the Court will have the
P a g e | 22 jurisdiction so conferred. This provision keeps open the powers of the Supreme Court so wide and vague so that Judicial Activism can be encouraged to its maximum.
Jurisdiction of High Courts

A High Court consists of the Chief Justice and such other judges as the President may appoint from time to time (Article 216). The number of judges of the High Court is flexible and it can be settled by the Central executive from time to time by keeping in view of the work load. The jurisdiction of the High Courts is equally extensive, if not more. Under Article 226, the High Court is invested with power to issue writs
throughout the territory over which it exercises jurisdiction for the enforcement of the Fundamental Rights mentioned in Part III or for any other purpose. Every High Court exercises power of superintendence and control over all the Tribunals and Courts within its jurisdiction. It exercises appellate, revisional and reference powers over the decisions of the Courts, Tribunals and other authorities within its jurisdiction. Empowered under Article 134A High Courts can grant certificate for appeal to the Supreme Court under the circumstances: i. ii. if it deems fit on its own motion; and if an oral application is made by or on behalf of the aggrieved parties immediately after the passing of the judgment iii. It is not an independent provision but is ancillary to Articles 132(1), 133(1) and 134(1)
Subordinate Judiciary
The civil and criminal courts below the High Court which may be referred to as subordinate judiciary are empowered to entertain and adjudicate upon all civil disputes
P a g e | 23 and all kinds of criminal cases (except those which have been excluded from their jurisdiction). The higher-level officers, namely, district judges, exercise appellate power in both civil and criminal matters over the orders of Munsiffs and Magistrates. The structure of subordinate judiciary varies from State to State since it is within the power of the State to organize the subordinate judiciary in an appropriate manner. Broadly
speaking, however, at the base of the pyramid, on the civil side, is the munsiff (or by what other name he is called). His jurisdiction is limited not only by territory but also by monetary limit. His orders are amenable to appeal. In between munsiff and district judge, there is a layer which may broadly be called subordinate judge. He exercises original civil jurisdiction on all matters and very often appeal against his order lies to the High Court. On the criminal side, the First Class Magistrate is at the base of the pyramid. He can try offences punishable with three years or less. Against his order an appeal lies to the sessions judge (who is called district judge on the civil side). In between these two officers, there is the Assistant Sessions Judge. He tries session cases punishable up to ten years. Generally speaking, an appeal against his order lies to the High Court. Constitution being the supreme law of the land and all governmental organs owe their origins to the Constitution and derive their powers from its provisions; the government must function within the framework of the Constitution and must not do anything which is inconsistent with the provisions of the Constitution. Thus for the efficient functioning of the governmental machinery two of the important concepts that need to be upheld are: a) Independence of Judiciary b) Judicial review
P a g e | 24
Chapter 4
Concept of Judicial Review and its limitations
Overview of the concept of judicial review
Though under the Constitution the polity is dual, the judiciary is integrated which can interpret and adjudicate upon both the Central and State laws. This power of judicial review is a right protecting service rendered by the Courts so as to ensure the rule of law. The court in its exercise of its power of judicial review would zealously guard the human rights, fundamental rights and the citizens rights of life and liberty as also many non-
P a g e | 25 statutory powers of governmental bodies as regards their control over property and assets of various kinds, which could be expended on building, hospitals, roads and the like, or overseas aid, or compensating victims of crime. This power is exercised by the Supreme Court through Article 32(the right to move to the apex court by appropriate proceeding for the enforcement of rights conferred by Part III is guaranteed) and the High Courts through article 226. Supreme Court can issue directions or orders or writs including writs in the nature of Habeas Corpus, mandamus, prohibition, quo warranto, and certiorari for the enforcement of the said rights. The scope of the provision is very wide, that the judiciary can perform the reviewing power in all cases of abridgement of a fundamental right for legislative enactments as well as executive actions. Article 226 has a wider ambit as it guarantees both fundamental and constitutional rights on to the citizens. Article 32 which by itself forms a fundamental right (Right to Constitutional remedies) has a reduced scope guaranteeing enforcement of only the fundamental rights. Thus, judicial review is a highly complex and developing subject. It has its roots long back and its scope and extent varies from case to case. Judicial review in India comprises of three aspects: I. II. III. Judicial review of legislative action Judicial review of judicial decisions and Judicial review of administrative action.
Scope of the concept of judicial review
P a g e | 26 Article 32 differs from Article 226 in that whereas Article 32 can be invoked only for the enforcement of fundamental rights, Article 226 can be invoked not only for the enforcement of fundamental rights but also for any other purpose as well. Thus the Supreme Courts power under Article 32 is restricted as compared with the power of a High Court under Article 226. But Article 32 can be invoked even when a law declares a particular administrative action as final.12 Article 32(1) does not say what proceedings the Supreme Court may be moved for the enforcement of the fundamental rights. The only limitation is that the proceedings must be appropriate for the enforcement of fundamental rights. Article 32(2) confers power on the Court in its widest terms not only confining to issue high prerogative writs but also to issue any directions, orders, or writs which may be appropriate for the enforcement of the fundamental rights. Since the Constitution has bee silent with regard to the procedure to be followed, the Court has even accepted a letter addressed to the Court as an appropriate proceeding. By and large the Supreme Court has its jurisdiction under Article 32 in a creative manner and it is that jurisdiction and procedure that is necessary to fulfill a purpose that is applied to be permissible to the Court. Thus the actual scope of the provision is broader enough to promote a vivid platform for the actual implementation of judicial activism in our country.
A comparison between the position in India and United States of America

Judicial Review in India bears resemblance to that available in the United States, where the Supreme Court have endowed powers to declare a law unconstitutional, if it is
12
Gopalan v. State of Madras, AIR 1950 SC 27
P a g e | 27 found not to be in conformity with the provisions of the Constitution. But there are some differences in this aspect between the two countries. At one time, it was regarded that the fundamental rights under the Indian Constitution is the same as the Bill of rights under the American Constitution. But the deliberate rejection of the due process of law clause from the Constitution during its incorporation has made all the difference in the nature of the judicial review in the two countries. In the case of A.K.Gopalan v. State of Madras,13 Court looked into the clear distinction between the American and Indian position with regard to judicial review and pointed out them to be as: i. ii. Absence of due process of law clause in the united State Constitution. Absolute enumeration of the fundamental rights in the US and ours it being a qualitative right subject to reasonable restrictions. Through Judicial review the courts are looking into the reasonability of the restriction. Some ways of determining the reasonableness of a restriction are:
i. ii. iii.
Courts should apply the objective standards.14 Restriction should not be greater than what is required by the circumstances.15 There should be a proximate connection between the restriction and the object sought to be achieved.16
The hitherto position found a tremendous change with the decision in Maneka Gandhi v. Union of India,17 and so now the ambit and scope of Article 32 has been widened.
13 14
AIR 1950 SC 27 N.B.Khare v. State of Delhi, AIR 1950 SC 211 15 Virendra v. State of Punjab, AIR 1957 SC 896 16 Superintendent, Central Prison v. Dr. Lohia, AIR 1960 SC 633 17 AIR 1978 SC 597
P a g e | 28 In India the judicial review goes far beyond that of US, as here the validity of amendments can be reviewed by the Courts on the grounds that the amendments violates the basic structure or features of the Constitution.18 Principle of proportionality The court as far back as in 1952 in State of Madras v V.G.Row19 had observed so: The test of reasonableness, wherever prescribed, should be applied to each individual statute impugned, and no abstract standard or general pattern of reasonableness can be laid down as applicable to all the cases. The nature of right alleged to have been infringed, the underlying purpose of the restrictions imposed, the extent and urgency of the evil sought to be remedied thereby, the disproportion of the imposition, the prevailing conditions at that time, should all enter the judicial verdict. In evaluating such elusive factors and forming their own conceptions of what is reasonable, in all the circumstances of a given case, it is inevitable that the social philosophy and the scale of values of the judge participating in the decision would play an important part, and limit to their interference with legislative judgment in such cases can only be dictated by their sense of responsibility and self-restraint and the sobering reflection that the Constitution is meant not only for people of their way of thinking but for all, and the majority of the elected representatives of the people have, in authorizing the imposition of the restrictions, considered them to be reasonable. Ever since 1952, the principle of proportionality has been applied vigorously to legislative and administrative action in India. Thus, administrative action in India affecting the fundamental rights has always been tested on the anvil of the proportionality
18 19
Kesavananda Bharathi v. State of Kerala , AIR 1973 SC 1461 AIR 1952 SC 196
P a g e | 29 in the last 50 years even though it has not been expressly stated that the principle that is applied is the proportionality principle.
PART II :---Limits of Judicial Review

It is true that the courts have wide powers of judicial review of Constitutional and statutory provisions. These powers, however, must be exercised with great caution and self-control. The courts should not step out of the limits of their legitimate powers of judicial review. The parameters of judicial review of Constitutional provisions and statutory provisions are totally different. In J.P.Bansal v State of Rajasthan Supreme Court observed: It is true that this court in interpreting the Constitution enjoys a freedom which is not available in interpreting a statute. It endangers continued public interest in the impartiality of the judiciary, which is essential to the continuance of rule of law, if judges, under guise of interpretation, provide their own preferred amendments to statutes which experience of their operation has shown to have had consequences that members of the court before whom the matters come consider to be injurious to public interest. Where the words are clear, there is no obscurity, there is no ambiguity and the intention of the legislature is clearly conveyed, there is no scope for the court to innovate or to take upon itself the task of amending or altering the statutory provisions. In that situation the judge should not proclaim that they are playing the role of lawmaker merely for an exhibition of judicial valor. They have to remember that there is a line, though thin, which separates adjudication from legislation. That line should not be crossed or erased.
20
the
20
2003(3) SCALE 154.
P a g e | 30 This can be vouchsafed by an alert recognition of the necessity not to cross it and instinctive, as well as trained reluctance to do so. If in case the court forgets to appreciate this judicial wisdom, it would undermine the constitutional mandate and will disturb the equilibrium between the three sovereign organs of the Constitution. In State (Govt of NCT of Delhi) v Prem Raj21 the Supreme Court took a serious note of this disturbing exercise when the High Court commuted the sentence by transgressing its limits. The court observed vey categorically that the following should be adopted as a rule: The power of commutation exclusively vests with the appropriate government. The appropriate government means the Central government in cases where the sentence or order relates to a matter to which the executive power of the Union extends, and the state government in other cases. Thus, the order of the high Court is set aside. Similarly, in Syed T.A. Haqshbandi v State of J&K22, the Supreme Court observed: Judicial review is permissible only to the extent of finding whether the process in reaching the decision has been observed correctly and not the decision itself, as such. Critical or independent analysis or appraisal of the materials by the court exercising powers of judicial review unlike the case of an appellate court would neither be permissible nor conducive to the interests of either the officer concerned or the system and institutions. Grievances must be sufficiently substantiated to have firm or concrete basis on properly established facts and further proved to be well justified in law, for being countenanced by the court in
21 22
(2003) 7 SCC 121. (2003) 7 SCC 121.
P a g e | 31 exercise of its powers of judicial review. Unless the exercise of power is shown to violate any other provision of the Constitution of India or any of the statutory rules, the same cannot be challenged by making it a justifiable issue before the court. The courts are further required not to interfere in policy matters and political questions unless it is absolutely essential to do so. Even then also the courts can interfere on selective grounds only. In Peoples Union of Civil Liberties v Union of India23 the Supreme Court observed: This court cannot go into and examine the need of Prevention of Terrorism Act. It is a matter of policy. Once legislation is passed, the government has an obligation to exercise all available options to prevent terrorism within the bounds of the Constitution. Moreover, mere possibility of abuse cannot be counted as a ground for denying the vesting of powers or for declaring a statute unconstitutional. Similarly, in U.O.I. v International Trading Co24 the Supreme Court observed: Article 14 of the Constitution applies also to matters of government policy and if the policy or any action of the government, even in contractual matters, fails to satisfy the test of reasonableness, it would be unconstitutional. While the discretion to change the policy in exercise of the executive power, when not trammeled by any statute or rule is wide enough, what is imperative and implicit in terms of Article 14 is that a change in policy must be made fairly and should not give the impression that it was so done arbitrarily or by any other ulterior
23 24
2003 (10) SCALE 967. (2003) 5 SCC 437.
P a g e | 32 criteria. The wide sweep of Article 14 and the requirement of every state action qualifying for its validity on this touchstone, irrespective of the field of activity of the state, is an accepted tenet. The basic requirement of Article 14 is fairness in action by the state, and non-arbitrariness in essence and substance is the heartbeat of fair play. Every state action must be informed by reason and it follows that an act uninformed by reason is per se arbitrary.
Similarly, where a political question is involved, the courts normally should not interfere. It is also equally settled law that the court should not shrink its duty from performing its functions merely because it has political thicket. Thus merely because the question has a political complexion that by itself is no ground why the court should shrink from performing its duty under the constitution if it raises an issue of constitutional determination. Every constitutional question concerns the allocation and exercise of governmental power and no constitutional question can, therefore, fail to be political. As large as a question arises whether an authority under the Constitution has acted within the limits of its power or exceeded it, it can certainly be decided by the court. Indeed it would be its constitutional obligation to do so. In B.R.Kapur v State of T.N25 the Supreme Court held that it is the duty of the court to interpret the Constitution. It must perform the duty regardless of the fact that the answer to the question would have a political effect. Thus, judicial review is a highly complex and developing subject. It has its roots long back and its scope and extent varies from case to case. It is considered to be the basic feature of the Constitution. The court in its exercise of its power of judicial review
25
(2001) 7 SCC 231.
P a g e | 33 would zealously guard the human rights, fundamental rights and the citizens rights of life and liberty as also many non-statutory powers of governmental bodies as regards their control over property and assets of various kinds, which could be expended on building, hospitals, roads and the like, or overseas aid, or compensating victims of crime. The limitation on the power of judicial review is a recurring theme in the evolution of our Constitution. In some of its distinguished judgments, the Supreme Court has defined the outline of sovereign power as distributed amongst the three branches of Government namely, the legislature, the executive and the judiciary. There is a compelling case that the power of judicial review delegated to our superior courts in various provisions of the Constitution itself is as much by the command of the people. But people who are in favour of this view argues that judicial inquiry of the validity of legislation is a necessary protection against the oppression of majorities, that the judges do not check the people, the Constitution does and since the Constitution itself is popularly ratified, there is nothing undemocratic in the power of judicial review. The decision of the Honourable Supreme Court of India in Kesavananda Bhartis case marked and explained the term which is called basic structure to measure whether the Parliament is seeking to destroy the Constitution, by using its powers under art. 368, which was so far, understood to be a power, the exercise of which was not subject to Judicial scrutiny. Basic Structure is not contained in one or more provisions of the Constitution of India, but it is supposed to be the sum total of the core of our Constitution. Also in the same case the Apex Court has interpreted the scope and meaning of judicial review:
P a g e | 34 ...The power of judicial review is, however, confined not merely to deciding whether in making the impugned laws the Central or state legislatures have acted within the four corners of the legislative lists earmarked for them; the courts also deal with the question as to whether the laws are made in conformity with and not in violation of the other provisions of the Constitution.... As long as some fundamental rights exist and are a part of the Constitution, the power of judicial review has also to be exercised with a view to see that the guarantees afforded by those rights are not contravened.... review has thus become an integral part of our constitutional system and a power has been vested in the high courts and the Supreme Court to decide about the constitutional validity of provisions of statutes. If the provisions of the statute are found to be violative of any Art. Of the Constitution, which is the touchstone for the validity of all laws, the Supreme Court and the high courts are empowered to strike down the said provisions. In Minerva Mills vs. Union of India, it was observed by the Supreme Court that the clauses of art. 31-C as introduced by the Constitution (42nd Amendment) Act, 1976, which required to take away the power of judicial review were unconstitutional. However, judicial review was not held to be part of the basic structure of the Constitution by the majority in this decision, although Bhagwati J in his minority decision traced the power of judicial review to Arts. 32 and 226 and observed it to be a part of the basic structure of the Constitution, and if taken away by a constitutional amendment would amount to subversion of the Constitution. Justice Ahmadi referred the case of State of Madras v. V. G. Row, where Chief Justice Patanjali Shastri held that:
P a g e | 35 . Our Constitution contains express provision for judicial review of legislation as to its conformity with the Constitution If, then, the courts in this country face up to such important and none too easy task, it is not out of any desire to tilt at legislative authority in a crusader's spirit, but in discharge of a duty plainly laid upon them by the Constitution. This is especially true as regards the 'fundamental rights', as to which this court has been assigned the role of a sentinel on the qui vive. While the court naturally attaches great weight to the legislative judgment, it may not desert its own duty to determine finally the Constitutionality of an impugned statute. Justice Ahmadi then went on to examine whether the power of judicial review vested in the High Courts and in the Supreme Court under Arts. 226, 227 and 32 is part of the basic structure of the Constitution: It is to be presumed that those who work the Constitution, those who compose the legislature and those who compose the executive and the judiciary know their functions, their limitations and their duties. It is therefore to be expected that if the executive is honest in working the Constitution, then the executive is bound to obey the legislature without any kind of compulsion laid down in the Constitution. Similarly, if the executive is honest in working the Constitution, it must act in accordance with the judicial decisions given by the Supreme Court. In so far as the Constitution gives supremacy to that is a matter of constitutional obligation which is implicit in the Constitution itself. Golaknath v. State of Punjab was the first time that limitations on the amending power of Parliament under Article 368 were recognized. The majority judgment was written by Chief Justice Subba Rao proceeding on the premise that:
P a g e | 36 i. ii. iii. Article 368 contained merely the procedure, not the power of amendment; The power of Amendment lay in Entry 97of List I and As a consequence of the above, a Constitutional Amendment would be law within the meaning of Article 13. So, from the above arguments and references we came to the conclusion that the power of judicial review is a part of the basic structure of the Constitution, permanent even by a constitutional amendment as affirmed by the Supreme Court in Keshvananda Bharti. And, representative democracy as an expression of the peoples will, speaking through their elected representatives is a non-negotiable principle of our republican agreement which itself is the product of an exercise of the unbroken sovereign power. The Supreme Court of India as the guardian of democratic morality will without a doubt remember that the exercise of constitutional power is persistent in the final analysis by the intellectual integrity, independence and fearlessness of judges.
P a g e | 37
BIBLIOGRAPHY
BOOKS REFFERED
SECURITISATION, ASSET RECONSTRUCTION & ENFORCEMENT
OF SECURITY INTEREST (Also Covering Resolution of NPAs, Corporate debt restructuring, Securitisation as a financial instrument, Detailed commentary on RBI Guidelines on Securitisation), VINOD KOTHARI, 2nd Edition, 2007, Published by Lexis-nexis Buttleworth Wadhwa.
Law & Practice Relating to Securitisation & Reconstruction of Financial of Security Interest, M.R. UMARJI,5thEdition,
Assets & Enforcement 2010,Published by Taxmann.
GUIDE TO COMPANY LAW PROCEDURES (With Corporate Governance
& E-Filing), M C BHANDARI, 20th Edition, 2007, Published by Lexis-nexis Buttleworth Wadhwa. Executive programme on Securities Laws and Compliances, Module-II, Paper-6, Study Material of ICSI
WEBSITES
www.ebc-india.com/practicallawyer
www.ficci.com www.indlaw.com
P a g e | 38

www.lawcommissionofindia.nic.in www.legalservicesindia.com www.manupatra.com

www.mca.gov.in
www.sebi.gov.in www.rbi.org.in www.iepf.gov.in
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Submitted by--Faculty of Law University of Allahabad Abhijeet Dwivedi

Role of Judiciary in changing times by Anuj Agarwal

Roll No. - 01 Enrollment No. U0620037 B.A.LL.B. (Hons), VIII Semester

Role of Judiciary in changing times by Anuj Agarwal

Abhijeet Dwivedi Dated - 29/6/2010 B.A.LL.B.(HONS) VIII Semester Faculty of Law

Role of Judiciary in changing times by Anuj Agarwal

Investors Protection: Framework.33-54

Role of Judiciary in changing times by Anuj Agarwal

Role of Judiciary in changing times by Anuj Agarwal

List of Statutes/ Regulations/ Guidelines

Role of Judiciary in changing times by Anuj Agarwal

to securities markets) Regulations, 1995 relating to Securities Market) Regulations, 2003

23. 24. 25.

Role of Judiciary in changing times by Anuj Agarwal

3. Harinagar Sugar Mills v. Shyam Sunder Jhunjhunwala (AIR 1961 SC 1669)...........44

[(1980) 50 Comp Cas 346 Cal]....45

Role of Judiciary in changing times by Anuj Agarwal

P a g e | ix 5. Indian Chemicals Products Ltd. V. State of Orrisa AIR 1967 SC 253....44

(1997) 26 Corpt LA 236 CLB ..41

Role of Judiciary in changing times by Anuj Agarwal

Role of Judiciary in changing times by Anuj Agarwal

Role of Judiciary in changing times by Anuj Agarwal

Role of Judiciary in changing times by Anuj Agarwal

Role of Judiciary in changing times by Anuj Agarwal

Role of Judiciary in changing times by Anuj Agarwal

Role of Judiciary in changing times by Anuj Agarwal

Role of Judiciary in changing times by Anuj Agarwal

(2) Regulatory Framework

Role of Judiciary in changing times by Anuj Agarwal

Rules and Regulations

Role of Judiciary in changing times by Anuj Agarwal

Role of Judiciary in changing times by Anuj Agarwal

Role of Judiciary in changing times by Anuj Agarwal

Role of Judiciary in changing times by Anuj Agarwal

Jurisdiction of the Supreme Court

Role of Judiciary in changing times by Anuj Agarwal

Role of Judiciary in changing times by Anuj Agarwal

Union of India v. K.S.Subramanium , (1976) 3 SCC 677 AIR 1967 SC 1643

Role of Judiciary in changing times by Anuj Agarwal

Hindustan Steels Ltd, a registered company under the Indian

Role of Judiciary in changing times by Anuj Agarwal

(1984)4 SCC 238 (1977) 4 SCC 608

Role of Judiciary in changing times by Anuj Agarwal

State of Rajasthan v. Union of India, (1977)3 SCC 592

Role of Judiciary in changing times by Anuj Agarwal

(2000) 9 SCC 572

Role of Judiciary in changing times by Anuj Agarwal

Role of Judiciary in changing times by Anuj Agarwal

Role of Judiciary in changing times by Anuj Agarwal

Role of Judiciary in changing times by Anuj Agarwal

Jurisdiction of High Courts

Role of Judiciary in changing times by Anuj Agarwal

Role of Judiciary in changing times by Anuj Agarwal

Role of Judiciary in changing times by Anuj Agarwal

Scope of the concept of judicial review

Role of Judiciary in changing times by Anuj Agarwal

A comparison between the position in India and United States of America

Gopalan v. State of Madras, AIR 1950 SC 27

Role of Judiciary in changing times by Anuj Agarwal

Role of Judiciary in changing times by Anuj Agarwal